Findings from the Retail Bank and Brand Meeting of Minds - April 2018

Summary

The twenty-third Meeting of Minds Bank and Brand Distribution of Retail Financial Services took place on 24 April 2018 at The Berkeley Hotel in Knightsbridge, London. This document summarises key issues raised in the topics discussed during the roundtables that took place on the day.

A Meeting of Minds Bank and Brand Distribution of Retail Financial Services is a strategic forum organised by Owen James. It is an opportunity for 70 senior level decision makers from the largest high street banks, building societies, affinity groups, product and service providers and industry experts to meet in a neutral environment where they can examine industry issues and opportunities and develop business strategies to address them.

Participants enjoy access to strategic insight, active involvement in shaping the industry and networking at the highest level.

At the core of these Meetings is a series of boardroom style sessions addressing a pre-researched and pre-agreed agenda, with open discussion led by objective and professional moderators. External speakers spark debate and encourage fresh and original thinking.

To find out more about taking part, please contact John Hall at Owen James: johnhall@owenjamesgroup.com or you can contact him at 01483 861334.

This Report

The Roundtable Sessions were moderated by:

Phil Alcock – Raisin UK

Kevin Mountford – Raisin UK

Collette Dunn – Milliman

Tim Waterlow – Affinnion

Tina Hansen – KPMG

Rod Bryson – CapGemini Consulting

Simon Cocker – Simon Cocker Consultancy

Sarah Collinson – Owen James Group

We are very grateful for the time and energy they have expended on making A Meeting of Minds Bank and Brand Distribution of Retail Financial Services a success and hope you will consider this report an interesting, thought-provoking and accessible read. As ever your feedback is much appreciated.

We would also like to thank the independent experts who were part of the sessions for sharing their knowledge and giving us their time and energy both in the run up and on the day.

The Sponsors

We would like to thank all our sponsors, without whom the event would not have been possible. The following groups took part in the Meeting and their motivation for taking part is threefold:

To be, and to be seen as being, supportive of the industry

To understand the stresses and strains being placed on the industry and, where possible, respond to them

To talk openly with these business leaders with a view to ensuring that their businesses are strategically aligned.

Results shown by:

With market apathy, the impact of regulation and a lack of prioritisation from executive leadership creating the perfect customer experience is challenging. Yet consumer engagement and experience are paramount to longevity. So who is delighting the customer and how are they going about this?

Open Banking is largely viewed as a positive business opportunity. To capitalise on this opportunity, financial institutions must ensure they fully understand the benefits and that they develop seamless solutions to suit their customers.

As regulatory change and technological advancement drive innovation in digital personal finance it is essential that businesses are fully prepared to capitalise on this opportunity. Building trust via the digital channel, educating your customer on what is available and ensuring you have the correct digital tools in place are paramount to success.

As blockchain moves away from its bitcoin heritage it stands to revolutionise traditional banking models. However uncertainty remains surrounding the adoption of the technology, the role of crypto-currencies and recruiting the talent to drive this forward. Blockchain presents retail banking with both an unprecedented challenge and opportunity, ignore it at your peril!

As regulatory changes, shifting demographics and advancing technologies transform the face of banking, the industry must evolve. In order to succeed in this brave new world financial institutions must embrace technology, review partnership models and enhance customer experiences.

Owen James Group

Owen James seeks to provide a platform for strategic engagement: an opportunity for key individuals to discuss and understand the business and investment issues which are affecting the whole of their industry. The end game being to enable firms to do better business - commercially, intelligently and ethically.